Heslin Holdings Acquires Oceanside Plaza for $11.3M
Firm Plans to Invest Over $100 Million in Value-Add Retail Properties in 2014
Laguna Hills, CA (January 28, 2014) – Heslin Holdings, Inc., a privately owned commercial real estate investment and development firm, today announced the acquisition of Oceanside Plaza, a retail center located in Oceanside, Calif. The first of several deals in the firm’s 2014 deal pipeline, the property was acquired from Oceanside Plaza, LLC for $11.25 million as a value-add opportunity with upside potential to be generated through renovations and lease-up activity. Heslin Holdings has also announced plans to invest over $100 million all told in acquisitions during the 2014 calendar year.
“As a value-add opportunity, Oceanside Plaza is an ideal addition to the portfolio of Heslin Holdings,” said Principal and Chief Executive Matthew Heslin of Heslin Holdings. “Our firm is ramping up to make significant investment in similar properties that meet our investment strategy.”
Oceanside Plaza is a 124,000-square-foot retail center anchored by credit tenants Pep Boys, Rent-A-Center, KFC and Metro PCS. Located in the city of Oceanside, the property is a rarely available infill Southern California location at a heavily trafficked signalized intersection less than 1.5 miles from the Oceanside Pier and marina as well as the beautiful Oceanside beaches and enjoys access to Interstate 5 and Route 76.
“Oceanside Plaza is a property with great upside potential,” said John Belanich, Principal and chief Investment Officer of Heslin Holdings. “With 70 percent occupancy, a superior location and demand among credit national tenants high, we are confident we will be able to not only improve the property, but to also generate value while doing so.”
Mike Grannis and Brent Cunningham of Highland Partners Corp. represented both buyer and seller in the transaction. “This was a unique opportunity to acquire one of the last value-add grocery anchored centers in North San Diego County” said Broker Mike Grannis of Highland Partners Corp. Highland Partners Corp. is a brokerage/consulting firm based in Southern California.
“Heslin Holdings hopes to add an additional 500,000 square feet into our commercial portfolio this year,” said Casey McKeon, Director of Acquisitions at Heslin Holdings. “We are looking at opportunities throughout the western United States in all major commercial property sectors, including retail, industrial, office and multi-family, as well as direct equity placements with proven sponsors in any field.”
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